Luke Roxas: Hes Got the Spirit

Once the golden boy of real estate, he has tasted failure and is now rebuilding from the ruins
of unpaid investor claims. But people close to him believe he can bounce back.
WHO IS LUKE ROXAS?
Luke Roxas was Born February 21, 1950 at Manila, Philippines, Mr. Luke C. Roxas a
businessman, chairman of the board, and church founder already made a long way in making his
goals into reality.
Many people describe Luke Roxas, 64, as smart. They also credit him with a blend of
entrepreneurial brillance and a kind heart.
Luke is the youngest son of Chiong Pai-Hun, a philanthropist of established wealth that
emanated from large tracts of real estate in Hong Kong.
The knack for real estate development runs in their family. Lukes brother and sister own State
Investment House Inc., State Land Investment Corp., and Cityland Development Corp., all noted
property developers.
An accountant by training, Luke Roxas began his real estate career on his own with Asian
Management Corp. in May 1980. It slowly gained prominence with investments in prime
property in Dasmarias, Bel Air, Magallanes, and San Lorenzo Villages. In late 1980, gains from
real estate property management enabled him to acquire a small loan and savings bank, which he
renamed Asian Savings Bank (ASB).
In 1982, Asian Management Corp. was renamed ASB Realty after the initials of the bank. ASB
Realty went on to become a top condominium developer.
Financial difficulties, however, forced Luke Roxas to sell Asian Savings Bank to the
Gokongweis and the Sorianos in 1984. By then, real estate acquisition and development focused
on the Makati, San Juan, Ortigas, and Mandaluyong areas. Under the Sorianos, ASB was
renamed Asian Bank (later becoming Global Bank under the Metrobank Group).
NEW VIGOR
In 1985, with reinvigorated business and a soft spot for education, Luke Roxas built the Makati
Hope Christian School. At the time, too, Lukes entrepreneurial skills turned ASB Realty into
one of the countrys top 10 developers based on size and sales.
He reentered the banking and finance industry in 1993 with the establishment of the Bank of
Southeast Asia Savings and Mortgage Bank (BSA), and the BSA Finance and Leasing Co.
Luke Roxas new stature brought him ties with George Yang of the McDonalds franchise;
Cecilio Pedro of Lamoiyan Corp.; Modesto Cervantes of Bormaheco and Easycall; Cheng Chua
Lay of the Perla Compania de Seguros; and Rep. Simeon Valdez. All became co-owners and
directors of BSA.
In August 1998, financial difficulties and threats of a bank run forced the sale of BSA to the
Development Bank of Singapore (DBS). It was renamed DBS Bank Philippines Inc., with Luke
Roxas serving as chairman. The ASB conglomerate was represented by ASB Holdings Inc.
Word of his success got around, and he easily attracted investments from ethnic Filipino-Chinese
investors and gained credit support from the Yuchengcos of Rizal Commercial Banking Corp.
and George Ty of Metrobank.
Unfortunately, against the backdrop of the Asian financial crisis and inherent corporate
problems, ASB Holdings collapsed with P3.9 billion of debts to 709 investors, and about P5
billion to banks, reports say.
Downfall is not new to Luke. He once successfully ventured into garments and food
manufacturing, only to lose the business because of economic and labor problems.
PATRIARCHAL STYLE
Those who have worked with him describe his management style as typically patriarchal and
significantly hands on. He is loved and admired by employees, especially those who have
imbibed from him the value of loyalty. Some of his executives move with him in whatever
endeavor he goes into.
He has the common touch. His executives say Luke would sometimes surprise secretaries by
giving them the VIP treatment, or exchange pleasantries with employees he meets in his various
offices.
Luke Roxas rise to prominence, however, also spawned unwelcome changes in his management
style. As his businesses grew, more people of influence were taken in to replace his loyal circle.
Some of his executives remained loyal to him, but several others left as he began to give more
importance to, or placed more trust on, new officers he hired. For instance, despite warnings
from close associates, he allowed a highly trusted officer to aggressively release car loans that
resulted in huge financial losses for the bank and the repossession of more than 200 cars.
OVERLY OPTIMISTIC
Success seems to have made him unrealistically optimistic, tooit made him lose his ability to
handle risks. Short-term investments he solicited at above-market rates largely went into
property development projects that failed to turn around amid the real estate crisis.
One close associate says success apparently went to his head, and in some cases, he allowed
things to go from bad to worse until it was too late to remedy the situation. The magic gut feel
in real estate left him unorganized and unstructured against risk.
A former key officer attributes Lukes misfortune to 50 percent from the economic crisis, 30
percent from mistakes by people he trusted, and 20 percent from personal overconfidence.
Today, many regard him as a victim, but a large number, mostly co-investors, accuse him of
embezzling their hard-earned money, which they suspect may have been stashed overseas.
The business failings notwithstanding, Luke Roxas friends believe he can still bounce back.
They say hes got the spirit.
Source: http://archives.newsbreak-knowledge.ph/2001/11/14/luke-chiong-roxas-hes-got-the-
spirit/
Luke Roxas: Achievements of a Great Spirit
THE ST. FRANCIS SQUARE GROUP OF COMPANIES
Luke Roxas, as many of his friends call him, has ventured into several businesses with present
head office at the 4th floor of St. Francis Square Mall, Julia Vargas Avenue corner Bank Drive,
Ortigas Center. Starting as Executive Trainee for Citibank until becoming the President of St.
Francis Square Group of Companies (Formerly ASB Corporation), Mr. Luke C. Roxas already
had tons of experiences when it comes to the business and real estate world.
He was a former board member of the Rizal Commercial Banking Corporation (RCBC),
Executive Director of State Investment House HK Ltd. (1978-1980), Executive Vice President
and Founder of the Asian Savings Bank (1980-1984) and President of Bank of Southeast Asia
(1993-1998). At present, Mr. Luke C. Roxas serves as President of the different umbrellas of
the St. Francis Square Group of Companies, namely St. Francis Square Generic Drugstore, St.
Francis Square Holdings, Inc., St. Francis Land, Inc., St. Francis Square Development
Corporation, and St. Francis Square Realty Corporation. Being a top real-estate developer, Mr.
Luke C. Roxas is joyous enough to have finished many development projects including the four
prime ASB Condotels Prince Plaza II, BSA Mansion, and Asian Mansion II (Makati), and The
Garden Heights at Quezon City.
Furthermore, Mr. Luke C. Roxas presently sets an example of humble leadership to the
following umbrellas under the St. Francis Square Group of Companies: ASB Condotels: Prince
Plaza II, Asian Mansion II, BSA Mansion, and The Garden Heights (Makati and Quezon City),
BSA Twin Towers (Ortigas Center), St. Francis Square Mall (Ortigas Center), and Makati hope
Christian School (Makati City). He aims to have more development projects in the future, and
continuously strives for excellence with his group of companies to further serve the Filipinos as
well as other nationalities.
THE GARDEN HEIGHTS
Come home in a place where youll experience a great deal of luxury and convenience.
Experience life, experience the Garden Heights. The Garden Heights is located at 269 E.
Rodriguez Sr. Avenue, Quezon City. It is conveniently situated near the St. Lukes Medical
Center, Trinity University of Asia, National Childrens Hospital, and Walter Mart. As the former
capital of the Philippines, Quezon City houses a number of premiere shopping centers including
SM Megamall, SM North EDSA, Greenhills Shopping Center, and the Gateway Mall. The
Garden Heights Condotel is headed by Mr. Luke Roxas, Chairman of the Board.
The Garden Heights Condotel shall provide you with quality services and amenities that will
recharge your body for tomorrows demands. Just keep in mind that here at Garden Heights
home is never too far away. Our fully air-conditioned rooms will refresh you after a hard days
work. Feel better as you take a soothing bath from our hot/cold shower rooms. Each room is
equipped with complete kitchen facilities and dinnerware for your overall convenience. Aspire to
live like a seor/seorita with our personalized services including an in house chamber maid,
laundry services, 24 hour security, and a caterer by request. The Garden Heights also has airport
and city transfers. A mini grocery store is provided so that you can easily purchase needed
supplies anytime. You can also try dining at our very own restaurant.
Each unit was installed with dial up internet connection so that you can simply re-connect with
your family and friends. Entertainment features including a cable television and IDD/NDD
phones are also within reach. When you feel that your body needs some pampering, worry no
more as we have our in house spa and massage services. At Garden Heights, there will definitely
be no dull moment. You can choose from a variety of unit styles. The Garden Heights has a
Standard Room, a Superior Room, a Super Twin Room, a Deluxe Suite, and a Two Bedroom
Suite.
Source: http://lukeroxasblog.com/the-garden-heights/
PRICE PLAZE II
Embrace the new and exciting lifestyle only at Prince Plaza II. Prince Plaza II is located at 101
Dela Rosa Street, Legaspi Village, Makati City. It is one of the projects headed by Mr. Luke
Roxas, Chairman of the Board.
The premier condotel is strategically situated at the corner of Legaspi and Dela Rosa streets
making it closer to Greenbelt IV. It was intentionally located to make every single landmark
accessible to you. Here we have the trendiest malls like the Greenhills Shopping Center which is
only thirty-five minutes away from Prince Plaza II. The Fort Bonifacio Global City which houses
a lot of events is only five minutes away from the condotel. Key places in Ortigas including the
SM Megamall is also within reach Imagine the convenience you can enjoy when you stay at
Prince Plaza II.

Prince Plaza II definitely mimics the tranquility you feel when youre home. All units are
designed to give you the best accommodations we can offer both from services and facilities. At
Prince Plaza II, you will surely meet the expectations of high quality living. The fully air-
conditioned rooms are all set to make you feel all cozy when youre sleeping. Be able to prepare
your own meals as each unit has a complete kitchen and dining set. This will surely help busy
executives when vacationing with family and friends. Prince Plaza II is a condotel you can come
and feel at home to.